Bausch Health — q1 2026 earnings presentation (company IR deck)

Bausch Health (BHC) · 48 slides · Filed Oct 29, 2026

Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All BHC deck slides

Slide 1 — 1Q 2026

Slide 2 — Forward-Looking Statements; Non-GAAP Information

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 2 Forward-Looking Statements; Non-GAAP Information Forward-Looking Statements This presentation contains forward-looking information and statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws (collectively, “forward-looking statements”), including, but not limited to, statements relating to the Company’s: future prospects and performance, financial guidance, research and development efforts and anticipated timing or results thereof, proposed plan to separate its eye health business, including the timing thereof, management of its balance sheet, generation of cash, ability to launch and commercialize new products, including the timing of regulatory processes with respect to the Company’s product pipeline, ability to enforce and defend its Xifaxan® intellectual property rights, ability to execute its growth strategies and strategic priorities generally, and other corporate and strategic transactions. Forward-looking statements may generally be identified by the use of the words “anticipates,” “hopes,” “expects,” “intends,” “plans,” “should,” “could,” “would,” “may,” “believes,” “estimates,” “potential,” “target,” or “continue” and positive and negative variations or similar expressions, and phrases or statements that certain actions, events or results may, could, should or will be achieved, received or taken, or will occur or result, and similar such expressions also identify forward-looking information. These forward-looking statements, including the full-year guidance, are based upon the current expectations and beliefs of management. The Company’s 2026 financial outlook and full-year guidance are included to provide further information about management’s expectations about the Company’s future business operations, activities and results and may not be appropriate for other purposes. These forward-looking statements are subject to certain factors, risks and uncertainties that could cause actual results to differ materially from those described in these forward-looking statements. These factors, risks and uncertainties include, but are not limited to: our ability to execute our business strategy, business plans and operational efficiency initiatives; demand for, competitive positioning of and pricing for our current and anticipated products and our ability to achieve expected revenues, margins and expense levels; the successful development, regulatory approval, manufacture and timing of launches and commercialization of pipeline and other products; the completion, timing, integration and expected benefits of acquisitions and other strategic transactions including the planned separation of our eye health business consisting of our Bausch + Lomb global Vision Care, Surgical and Pharmaceuticals businesses on anticipated terms, timing and costs; the scope, duration and financial and operational impact of product quality matters; the continued availability and performance of key third-party distribution, fulfillment and other arrangements and the stability of global supply chains; the continuation of patent protection and regulatory exclusivity for key products; the expected impacts of the Inflation Reduction Act, and the selection by the Centers for Medicare & Medicaid Services of Xifaxan® for inclusion in the drug price negotiation program with negotiated pricing expected to become effective in 2027, and other healthcare reform measures and our ability to mitigate the impact thereof; our ability to generate cash flows and access liquidity to meet working capital needs, satisfy debt maturities as they become due, reduce debt levels and comply with financial and other covenants under our financing arrangements; the expected scope and impact of tariffs, counter-tariffs and other trade restrictions and the effectiveness of mitigation actions; macroeconomic and geopolitical conditions (including inflation, recessionary pressures, foreign currency exchange rates and interest rates), changes in tax laws and related guidance (including legislation referred to as the One Big Beautiful Bill Act and Organisation for Economic Co-operation and Development related measures); the expected outcomes of litigation and other contingencies; and other factors, risks and uncertainties discussed in the Company’s most recent annual and quarterly reports and detailed from time to time in the Company’s other filings with the U.S. Securities and Exchange Commission and the Canadian Securities Administrators, which factors, risks and uncertainties are incorporated herein by reference. We caution that, as it is not possible to predict or identify all relevant factors that may impact forward-looking statements, the factors referred above are not exhaustive and should not be considered a complete statement of all potential risks and uncertainties. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the aforementioned factors and other uncertainties and potential events. These forward-looking statements speak only as of the date made. Bausch Health undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this presentation or to reflect actual outcomes, except as required by law. Non-GAAP Information To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures and non-GAAP ratios to provide supplemental information to readers. Management uses these non-GAAP measures and ratios as key metrics in the evaluation of the Company’s performance and the consolidated financial results and, in part, in the determination of cash bonuses for its executive officers. The Company believes these non-GAAP measures and ratios are useful to investors in their assessment of our operating performance and the valuation of the Company. In addition, these non-GAAP measures and ratios address questions the Company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data, the Company has determined that it is appropriate to make this data available to all investors. However, these measures and ratios are not prepared in accordance with GAAP nor do they have any standardized meaning under GAAP. In addition, other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios. Accordingly, our non-GAAP financial measures and ratios may not be comparable to such similarly titled non-GAAP financial measures and ratios used by other companies. We caution investors not to place undue reliance on such non-GAAP measures and ratios, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. The reconciliations of these historical non-GAAP financial measures and ratios to the most directly comparable financial measures and ratios calculated and presented in accordance with GAAP are shown in the Appendix hereto. However, as indicated above, for guidance purposes, the Company does not provide reconciliations of projected Adjusted EBITDA (non-GAAP) to projected GAAP Net income (loss), projected Adjusted Cash Flow from Operations (non-GAAP) to projected GAAP Cash Generated from Operations, projected Adjusted Gross Margin (non-GAAP) to projected GAAP Gross Margin, projected Adjusted SG&A Expense to projected GAAP SG&A Expense, projected Adjusted Tax Rate to projected GAAP tax rate and projected organic growth (non-GAAP) to projected reported revenue growth, in each case due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Many of the adjustments and exclusions used to calculate the projected non-GAAP measures may vary significantly based on actual events, so the Company is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to provide a GAAP calculation of these projected amounts. The amounts of these adjustments may be material and, therefore, could result in the GAAP amount being materially different from (including materially less than) the projected non-GAAP measures. Commencing in the third quarter of 2025, the Company now includes payments of Acquired IPR&D in the calculation of Adjusted Cash Flow From Operations (non-GAAP). Prior-period amounts presented herein have been restated to conform to the current year’s presentation. For further information on non-GAAP financial measures and ratios, please see the Non-GAAP Appendix.

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Slide 3 — Agenda

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Slide 4 — Business

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Slide 5 — Driving Results, Advancing Strategy, & Unlocking Value in 1Q26

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1 12 11 10 9 8 7 6 5 4 3 2 Unconsolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Segment profit is based on operating income after the elimination of intercompany transactions, including between Bausch + Lomb and other segments. Certain costs such as Amortization of intangible assets, Goodwill impairments, Asset impairments, Restructuring, integration, separation costs, Other expense, net, and other corporate allocations are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance. 5 Driving Results, Advancing Strategy, & Unlocking Value in 1Q26 Achieved Reported Revenue and Segment Profit2 Growth in Salix, Solta Medical, and International Segments Generated $319 Million in Adjusted Cash Flow from Operations1; Reduced Net Debt by Approximately $115 Million Reaffirming Full-Year Guidance Delivered 12th Consecutive Quarter of Revenue and Adjusted EBITDA1 Growth for Bausch Health (excl. B+L)

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Slide 6 — +14%

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Slide 7 — 1Q26

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Slide 8 — 1Q26 GAAP Financial Results

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three Months Ended Favorable (Unfavorable) March 31, 2026 March 31, 2025 Reported Revenues $2,524 $2,259 12% Gross Profit $1,545 $1,302 19% Gross Margin 61.2% 57.6% 360 bps Selling, A&P $613 $597 (3%) G&A $248 $270 8% R&D $163 $143 (14%) Acquired IPR&D $11 $28 61% Total Operating Expense1 $2,495 $1,026 (143%) Operating (Loss) Income ($950) $276 (444%) Net Loss Attributable to Bausch Health Companies Inc. ($1,423) ($58) NM Loss per Share Attributable to Bausch Health Companies Inc. ($3.82) ($0.16) - Cash Flow from Operations $230 $211 9% Consolidated 8 1Q26 GAAP Financial Results Amounts in millions USD, except EPS amounts 1. Total operating expense includes goodwill impairments of $1,426 million for the three months ended March 31, 2026.

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Slide 9 — 1Q26 Non-GAAP1 Financial Results

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three Months Ended Favorable (Unfavorable) March 31, 2026 March 31, 2025 Reported Constant Currency1 Revenues (Same as reported) $2,524 $2,259 12% 9% Adj. Gross Profit1 $1,789 $1,580 13% 11% Adj. Gross Margin1 70.9% 69.9% 100 bps - Total Adj. Operating Expense1 $1,023 $994 (3%) (1%) Adj. EBITA1,2 $766 $586 31% 28% Adj. EBITDA Attributable to Bausch Health Companies Inc.1,3 $837 $661 27% 25% Impact of Acquired IPR&D Net of Noncontrolling Interest $10 $24 - - Adj. Net Income Attributable to Bausch Health Companies Inc.1 $296 $220 35% - Diluted Shares Outstanding 378.9M 373.8M - - Adj. Cash Flow from Operations1,4 $374 $138 171% - Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Includes the impact of Acquired IPR&D charges of $11 million and $28 million for the three months ended March 31, 2026 and March 31, 2025, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $10 million and $24 million for the three months ended March 31, 2026 and March 31, 2025, respectively. 4. Excludes legacy legal settlements (net of insurance recoveries and restitutions), separation payments, separation-related payments, business transformation costs, fees paid in connection with debt re-financing and Acquired IPR&D, includes interest payments charged against premium. 9 1Q26 Non-GAAP1 Financial Results Amounts in millions USD

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Slide 10 — $863

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Adjusted EBITDA (non-GAAP) above includes Adjusted EBITDA attributable to noncontrolling interests. For Bausch Health Companies Inc., this amounted to $26 million for the three months ended March 31, 2026, which includes $1 million related to B+L. 10 1Q26 Adjusted EBITDA1,2 & Adjusted Cash Flow from Operations1 Amounts in millions USD DOUBLE-DIGIT ADJUSTED EBITDA1 GROWTH FOR BHC (excl. B+L) $673 $190 $863 Bausch Health (excl. B+L) Bausch + Lomb SOLID ADJUSTED OPERATING CASH FLOW1 GENERATION FOR BHC (excl. B+L) 1Q26 Adjusted Cash Flow from Operations1 $319 $55 $374 Bausch Health (excl. B+L) Bausch + Lomb 1Q26 Adjusted EBITDA1,2 BHC (excl. B+L) 17% Adjusted EBITDA1 Growth BHC (excl. B+L) Up $191M vs. 1Q25 2

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Slide 11 — 1Q26 Revenue

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Slide 12 — Salix Segment – 1Q26

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. TRx = total prescriptions. Source: IQVIA. 3. NBRx = new-to-brand prescriptions. Source: IQVIA. 12 Salix Segment – 1Q26 Amounts in millions USD REVENUE INCREASED 18% ON REPORTED AND ORGANIC1 BASIS, FUELED BY XIFAXAN® Highlights Revenue vs. 1Q25 Segment Mix Strong Xifaxan® demand growth excl. impact of Medicaid: TRx2 excl. Medicaid +6%, TRx2 (6%) Media investments and AI engine activating new Xifaxan® patients, NBRx3 +3% Higher net pricing and lower volume for Relistor® and Trulance® 88% 6% 5% 1% Xifaxan Relistor Trulance $639 Reported: 18% Organic1: 18% TOTALS PRODUCT REPORTED REVENUE CHANGE ($) $559 $98 $40 - $31 ($1) CHANGE (%) 21% - (2%) Other

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Slide 13 — International Segment – 1Q26

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Loss of exclusivity. 13 International Segment – 1Q26 Amounts in millions USD FLAT ORGANIC1 REVENUE GROWTH DRIVEN BY EMEA AND LATAM Highlights Revenue vs. 1Q25 Geographic Mix EMEA 13th consecutive quarter of organic1 growth LATAM Commercial product growth, offset by lower gov’t volume Canada Impacted by reduction in LOE2 portfolio 52% 26% 22% EMEA LATAM Canada $285 REGION REPORTED REVENUE CHANGE ($) Reported: 9% Organic1: 0% TOTALS ORGANIC1 CHANGE (%) REPORTED CHANGE (%) $149 $16 EMEA 3% 12% $63 ($3) Canada (7%) (4%) $73 $9 LATAM - 15%

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Slide 14 — Solta Medical Segment – 1Q26

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 14 Solta Medical Segment – 1Q26 Amounts in millions USD STRONG DOUBLE-DIGIT REVENUE GROWTH DRIVEN BY CHINA AND S. KOREA Highlights Revenue vs. 1Q25 Geographic Mix Double-digit organic growth coupled with the benefits of integrating Shibo’s full-service distributor in China Thermage® +58%; Fraxel® +17% China +193% South Korea +17% U.S. +8% 85% 12% 3% $171 REGION $145 $56 Asia Pacific $20 $1 N. America $6 $1 EMEA Reported: 51% Organic1: 19% TOTALS Asia Pacific North America EMEA 22% 7% 10% REPORTED REVENUE CHANGE ($) ORGANIC1 CHANGE (%) 63% 8% 10% REPORTED CHANGE (%)

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Slide 15 — Diversified Segment – 1Q26

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 15 Diversified Segment – 1Q26 Amounts in millions USD REVENUE DECLINE DRIVEN BY LOWER VOLUME IN NEUROSCIENCE AND DERMATOLOGY Highlights Revenue vs. 1Q25 Segment Mix BUSINESS REPORTED REVENUE CHANGE ($) $113 ($5) Neuroscience Reported: (10%) Organic1: (10%) TOTALS Neuroscience Lower volume, partially offset by favorable net pricing Dermatology Partial channel destocking despite solid Cabtreo® and Jublia® demand 61% 18% 10% 11% Neuroscience Dermatology Generics Dentistry $185 CHANGE (%) (4%) $33 ($13) Dermatology (28%) $21 ($2) Dentistry (9%) $18 - Generics -

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Slide 16 — Bausch + Lomb – 1Q26

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Bausch + Lomb Unconsolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 16 Bausch + Lomb – 1Q26 Amounts in millions USD HIGH SINGLE-DIGIT REPORTED REVENUE GROWTH 28% 51% 21% $228 Implantables Equipment Consumables/Other Reported: 9% Organic1: 6% Vision Care Surgical Pharmaceuticals Reported: 8% Organic1: 5% Reported: 7% Organic1: 0% Reported: 14% Organic1: 13% U.S. International 73% 27% $305 Consumer Contact Lens 36% 64% $711 $1,137 $1,244 1Q25 1Q26

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Slide 17 — ©2026 Bausch Health Companies Inc. and/or one of its affiliates.

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Strong Xifaxan® revenue growth driving operating leverage Investing in commercial launches in LATAM Lower volumes, partially affected by unfavorable channel inventory Strong Solta Medical revenue growth partially impacted by Shibo acquisition Unconsolidated 1. Segment profit is based on operating income after the elimination of intercompany transactions, including between Bausch + Lomb and other segments. Certain costs, such as Amortization of intangible assets, Goodwill impairments, Asset impairments, Restructuring, integration, separation costs, Other expense, net, and other corporate allocations are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance. 17 Bausch Health (excl. B+L) Revenue & Segment Profit1 – 1Q26 Amounts in millions USD DOUBLE-DIGIT REVENUE & SEGMENT PROFIT1 GROWTH Highlights Segment Profit1 Revenue $468 26% Salix $88 4% International $112 (12%) Diversified $75 42% Solta Medical $743 17% TOTAL 1Q26 1Q25 vs. $639 18% Salix $285 9% International $185 (10%) Diversified $171 51% Solta Medical $1,280 14% TOTAL 1Q26 1Q25 vs. → → → →

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Slide 18 — 2026 Guidance

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Slide 19 — Full Year 2026 Guidance1,2

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 2026 Guidance1,2,3 2026 Guidance1,2,3 Bausch Health Companies Prior as of February 18, 2026 Current as of April 29, 2026 Net Revenue $10.625 – $10.875 $10.670 – $10.920 Adjusted EBITDA1 $3.875 – $4.000 $3.885– $4.010 Bausch + Lomb Net Revenue $5.375 – $5.475 $5.420 – $5.520 Adjusted EBITDA1 $1.000 – $1.050 $1.010 – $1.060 Bausch Health Companies (excl. B+L) Net Revenue $5.250 – $5.400 $5.250 – $5.400 Reported Revenue Growth 2% – 5% 2% – 5% Adjusted EBITDA1 $2.875 – $2.950 $2.875 – $2.950 Adjusted EBITDA1 Growth 3% – 5% 3% – 5% Adjusted Cash Flow from Operations1,4 $1.200 – $1.275 $1.200 – $1.275 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. See Slide 2 for further information on forward-looking statements. 3. 2026 guidance assumes current FX rates. 4. Excludes legacy legal settlements (net of insurance recoveries and restitutions), separation payments, separation-related payments, business transformation costs, fees paid in connection with debt re-financing and Acquired IPR&D, includes interest payments charged against premium. 19 Full Year 2026 Guidance1,2 All amounts are approximate, in billions USD

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Slide 20 — Key Financial Priorities1

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1. See Slide 2 for further information on forward-looking statements. 20 Key Financial Priorities1 Increase Value of Bausch Health Maximize the Value of Our Bausch + Lomb Asset Optimize Our Capital Structure WORKING ALL LEVERS OF VALUE CREATION

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Slide 21 — Momentum into 2026

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Slide 22 — Investing in the Business to Drive Growth

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. ADVANCING Global Product Launches 22 Investing in the Business to Drive Growth STRONG EXECUTION ON U.S. Pharma STRATEGY INTEGRATION OF Distribution Business (SOLTA CHINA)

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Slide 23 — Advancing Product Launches Across Regions1

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. EMEA 23 Advancing Product Launches Across Regions1 SERBIA GEOGRAPHIC EXPANSION of existing portfolio products, including in Poland and Serbia-Montenegro 2026 LAUNCHES More than 30 products launching across EMEA POLAND CANADA NORTH AMERICA LATAM MEXICO CENT. AM. MEXICO LAUNCHES LETSERMIN DUAL PRYUMEX GEOGRAPHIC EXPANSION of existing portfolio products including in Costa Rica, Honduras, Guatemala and El Salvador CANADA Solta launch of Clear + Brilliant® in Canada, growing advanced aesthetics into new markets PROGRESS IN CARDIOMETABOLIC FRANCHISE 3 products launched in 2025, with 2 launching in 2026 U.S. Launch of Biafine®, iconic French skincare product U.S. 1. See Slide 2 for further information on forward-looking statements.

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Slide 24 — Leveraging AI Across the Business

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Pharmaco- vigilance AI-enabled Customer Insights Engine AI-assisted workflows Clinical Site selection and patient recruitment Opportunity identification Portfolio analysis & prioritization Leveraging AI Across the Business Scalable AI Engines for Growth Commercial Performance • AI insights and smarter advertising driving growth in mature franchises • Expanding approach across all U.S. pharmaceutical brands R&D and Enterprise Efficiency • Increasing efficiency and effectiveness of R&D organization • Accelerating indication prioritization, site selection, and patient recruitment • AI-enabled workflows 24

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Slide 25 — Framework for Potential Business Development

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. THERAPEUTIC FIT Screening assets in therapeutic areas in which we have expertise - GI, hepatology, neuroscience, dermatology, and aesthetics LATE-STAGE / COMMERCIAL-READY Ability to leverage commercial capabilities to take an asset from late-stage development through commercialization ALIGNMENT WITH CAPITAL ALLOCATION STRATEGY Optimize the capital structure first, then reinvest to drive growth through the core business and targeted business development 25 Framework for Potential Business Development COMMITTED TO LEVERAGING COMMERCIAL CAPABILITIES TO DRIVE GROWTH & CREATE SHAREHOLDER VALUE

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Slide 26 — DEEP

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 26 DEEP EXPERTISE GI NEUROSCIENCE DERMATOLOGY AESTHETICS DIVERSE PORTFOLIO VALUABLE BRANDS with ©2026 Bausch Health Companies Inc. and/or one of its affiliates. MARKET- LEADING COMMERCIAL PLATFORM in GLOBAL FOOTPRINT BROAD Bausch Health Performing Across a Strong Set of Assets

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Slide 27 — Appendix

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Slide 28 — $113M

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. Debt values are shown at principal value. Net debt is net of unrestricted cash and cash equivalents. Amounts shown may not foot due to rounding. 2. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 28 Bausch Health (excl. B+L) 1Q26 Change in Net Debt As of 1Q26, amounts in millions USD NET DEBT DECREASED BY $113M 1 2 1 Q425 Net Debt ($319) Adj. Operating Cash Flow $158 Legal $9 CAPEX $39 Other Q126 Net Debt $14,200 $14,087

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Slide 29 — Key R&D Initiatives1

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Pharmaceutical Clinical Programs Phase 1 Phase 2 Phase 3 Approval/Launch Notes Larsucosterol Treatment of alcohol-associated hepatitis (AH) • Potential to be first FDA-approved therapeutic option for AH • Granted FDA Breakthrough Therapy Designation • Registrational Phase 3 program to evaluate the safety & efficacy in patients with severe AH initiated in early 2026 Amiselimod (S1P modulator) Once-daily oral treatment of mild- to moderate- ulcerative colitis • Internal review of opportunity ongoing Medical Aesthetic Programs Development Approval/Launch Notes Thermage® FLX Radio-frequency technology to help tighten & improve smoothness & texture of skin’s surface • Continued regulatory progress for Thermage FLX in additional global markets Thermage® 1.x Improvements on select tips and software • Anticipated launch in late 2027 Clear + Brilliant® Touch Fractionated laser device for skin resurfacing • Launched in Canada in February 2026 • Received China NMPA approval in August 2025 Fraxel FTX® Next generation fractionated laser device for skin resurfacing • Received approval in Australia in December 2025 • Launched in the U.S. in April 2025 at American Society for Laser Medicine & Surgery (ASLMS) 1. Progress timelines are for illustrative purposes only; See Slide 2 for further information on forward-looking statements. 29 Key R&D Initiatives1

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Slide 30 — Balance Sheet Summary

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Balance Sheet Summary March 31, 2026 December 31, 2025 December 31, 2024 Cash, cash equivalents, and restricted cash1 $1,312 $1,325 $1,201 Revolving Credit Facilities5 $100 $100 $110 AR Credit Facility - - $300 Senior Secured Debt (principal amount)2 $16,102 $16,122 $15,233 Senior Unsecured Debt (principal amount)2 $4,110 $4,110 $5,247 Total Consolidated Debt (principal amount)2 $20,212 $20,232 $20,480 Total Consolidated Debt (net of premiums and discounts) $20,764 $20,817 $21,616 Net Consolidated Debt (principal amount)3 $18,913 $18,923 $19,299 TTM GAAP Net (Loss) Income ($1,225) $120 ($72) TTM Adj. EBITDA Attributable to Bausch Health Companies Inc. (non-GAAP)4,6 $3,717 $3,541 $3,307 Consolidated 1. Cash, cash equivalents, and restricted cash includes restricted cash of $13M, $16M, and $20M as of March 31, 2026, December 31, 2025, and December 31, 2024, respectively. 2. Debt balances shown at principal value. Senior secured debt figure is inclusive of revolving credit facilities drawn (if any) and AR Credit Facility in 2024. 3. Net consolidated debt is net of unrestricted cash and cash equivalents. 4. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 5. No outstanding borrowings under BHC excl. B+L revolving credit facility at March 31, 2026, December 31, 2025 and December 31, 2024. 6. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $96 million, $110 million, and $16 million for March 31, 2026, December 31, 2025, and December 31, 2024, respectively. 30 Amounts in millions USD

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Slide 31 — ~$8M

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Unconsolidated 1. Debt values are shown at principal value. Does not include ~$2.8B of Bausch + Lomb term loans and ~$2.2B of Bausch + Lomb senior secured notes. 2. Amounts may not total due to rounding. 31 Bausch Health (excl. B+L) Debt Maturity Profile1,2 $2,843 $23 $30 $30 $30 $23 $1,691 $352 $643 $605 $1,609 $779 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 2026 2027 2028 2029 2030 2031 2032 Term Loans Mandatory Amortization Secured Notes Unsecured Notes As of 1Q26, amounts in millions USD $673 $3,995 $1,639 $2,326 $463 $6,000 ~$8M Since 4Q25 DECREASED DEBT BY $113M Since 4Q25 DECREASED DEBT, NET OF UNRESTRICTED CASH, BY $15.1B1 TOTAL

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Slide 32 — 1Q26 Revenue Performance

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1Q26 1Q25 Reported Organic1 Salix $639 $542 18% 18% International $285 $262 9% - Solta Medical $171 $113 51% 19% Diversified $185 $205 (10%) (10%) Neuroscience $113 $118 (4%) (4%) Dermatology $33 $46 (28%) (28%) Generics $18 $18 - - Dentistry $21 $23 (9%) (9%) Bausch Health (excl. B+L) $1,280 $1,122 14% 9% Bausch + Lomb $1,244 $1,137 9% 6% Vision Care $711 $656 8% 5% Surgical $228 $214 7% - Pharmaceuticals $305 $267 14% 13% Total Bausch Health $2,524 $2,259 12% 7% Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 32 1Q26 Revenue Performance Amounts in millions USD

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Slide 33 — Inventory in Select U.S. Businesses (QTD)1

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Months on Hand Business Units As of Dec 31, 2024 As of Mar 31, 2025 Change 1Q25 As of Dec 31, 2025 As of Mar 31, 2026 Change 1Q26 Dermatology 1.08 1.03 (0.05) 1.17 0.88 (0.29) Neuroscience 1.02 1.16 0.14 1.11 1.09 (0.02) Salix 1.09 0.99 (0.10) 1.00 1.00 - Unconsolidated 1. U.S. pharma inventory data from wholesale drug customers that provide channel data, including Cardinal Health, Cencora, and McKesson. 33 Inventory in Select U.S. Businesses (QTD)1

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Slide 34 — Other Financial Information

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Other Financial Information Three Months Ended Favorable (Unfavorable) March 31, 2026 March 31, 2025 Reported Constant Currency1 Cash Interest Paid2 $318 $433 27% 27% Net Interest Expense (GAAP) $392 $319 (23%) (22%) Non-cash adjustments Depreciation $54 $49 (10%) (6%) Non-cash share-based Compensation $52 $43 (21%) (21%) Additional cash items Contingent Consideration $11 $9 - - Milestones/License Agreements and Other Intangibles $50 $37 - - Restructuring and Other $16 $15 - - Capital Expenditures $109 $115 - - Adj. Tax Rate1 19.0% 20.4% - - Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Cash interest paid includes interest payments recorded against debt premiums. 34 Amounts in millions USD

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Slide 35 — Non-GAAP Adjustments EPS Impact

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three Months Ended March 31, 2026 March 31, 2025 Income (Expense) EPS Impact Income (Expense) EPS Impact Net loss attributable to Bausch Health Companies Inc.1 ($1,423) ($3.82) ($58) ($0.16) Non-GAAP adjustments:2 Amortization of intangible assets 241 0.65 256 0.69 Goodwill impairments 1,426 3.76 - - Restructuring, integration and transformation costs 19 0.05 29 0.08 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 16 0.04 12 0.03 Loss on extinguishment of debt and write down of financing fees 9 0.02 - - Separation costs and separation-related costs 1 - 5 0.01 Gain on sale of assets, net (3) (0.01) - - Litigation and other matters, net of insurance recoveries and restitutions 10 0.03 (3) (0.01) Other 8 0.02 12 0.03 Tax effect of non-GAAP2 adjustments 6 0.02 (15) (0.04) EPS difference between basic and diluted shares 0.06 - Noncontrolling interest portion of the non-GAAP adjustments (14) (0.04) (18) (0.04) Adjusted net income attributable to Bausch Health Companies Inc. (non-GAAP)2 296 - $220 - Consolidated 1. Includes 6,089,000 and 4,193,000 diluted shares for the three months ended March 31, 2026 and 2025, respectively. 2. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 35 Non-GAAP Adjustments EPS Impact Amounts in millions USD, except EPS amounts

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Slide 36 — 1Q26 Reconciliation of Reported Operating (Loss) Income to

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1Q26 Reconciliation of Reported Operating (Loss) Income to Adjusted EBITA (Non-GAAP)1 1Q26 1Q25 Gross Profit Gross Margin Selling & Advertising G&A R&D Expense Operating Expense Operating (Loss) Income Gross Profit Gross Margin Selling & Advertising G&A R&D Expense Operating Expense Operating Income GAAP Operating (Loss) Income $1,545 61.2% $613 $248 $163 $2,495 ($950) $1,302 57.6% $597 $270 $143 $1,026 $276 Amortization of intangible assets 241 9.5% - - - - 241 256 11.3% - - - - 256 Goodwill impairments - - - - - (1,426) 1,426 - - - - - - - Restructuring, integration and transformation costs - - - (6) - (19) 19 - - - (28) - (29) 29 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 3 0.1% - - - (13) 16 22 1.0% - - - 10 12 Separation costs and separation-related costs - - - (1) - (1) 1 - - - (5) - (5) 5 Gain on sale of assets, net - - - - - 3 (3) - - - - - - - Litigation and other matters, net of insurance recoveries and restitutions - - - - - (10) 10 - - - - - 3 (3) Other - - - (5) - (6) 6 - - - (11) - (11) 11 Adjusted EBITA (Non-GAAP)1,2 $1,789 70.9% $613 $236 $163 $1,023 $766 $1,580 69.9% $597 $226 $143 $994 $586 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Includes the impact of Acquired IPR&D charges of $11 million and $28 million for the three months ended March 31, 2026 and March 31, 2025, respectively. 36 Amounts in millions USD

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Slide 37 — Reconciliation of Reported Net Loss to EBITDA1

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. ` Three months ended March 31, 2026 2025 Net Loss ($1,431) ($86) Interest expense, net 392 319 Provision for income taxes 77 39 Depreciation and amortization 295 305 EBITDA (non-GAAP)1 (667) 577 Adjustments: Goodwill impairments 1,426 - Restructuring, Integration and transformation costs 19 29 Acquisition related costs and adjustments (excluding amortization of intangible assets) 16 12 Loss on extinguishment of debt 1 - Share-based compensation 52 43 Separation costs and separation-related costs 1 5 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 10 (3) Gain on sale of assets, net (3) - Other 8 12 Adjusted EBITDA (non-GAAP)1,2 863 675 Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)1 (26) (14) Adjusted EBITDA attributable to Bausch Health (non-GAAP)1,3 $837 $661 Three months ended March 31, 2026 2025 Net loss attributable to noncontrolling interest $8 $28 Noncontrolling interest portion of adjustments for: Interest expense, net (12) (12) Depreciation and amortization (13) (13) All other adjustments (9) (17) Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)1 ($26) ($14) Reconciliation of Reported Net Loss to EBITDA1 and Adjusted EBITDA1 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Includes the impact of Acquired IPR&D charges of $11 million and $28 million for the three months ended March 31, 2026 and March 31, 2025, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $10 million and $24 million for the three months ended March 31, 2026 and March 31, 2025, respectively. 37 Amounts in millions USD

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Slide 38 — 1Q26 Segment Profit2 Reconciliation to Adjusted EBITDA1

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three months ended March 31, 2026 Three months ended March 31, 2025 Revenue Segment Profit2 Segment Profit Margin Revenue Segment Profit2 Segment Profit Margin Salix $639 $468 73% $542 $371 68% International 285 88 31% 262 85 32% Solta Medical 171 75 44% 113 53 47% Diversified Products 185 112 61% 205 127 62% Total Bausch Health (excluding B+L) $1,280 $743 58% $1,122 $636 57% Bausch + Lomb 1,244 277 22% 1,137 180 16% Total $2,524 $1,020 40% $2,259 $816 36% Corporate - (258) - - (268) - Adjustments: Fair value inventory step-up resulting from acquisitions - 3 - - 22 - IT infrastructure investment - 5 - - 8 - Legal and other professional fees - - - - 3 - Separation-related costs - 1 - - 5 - Transformation Costs - 6 - - 28 - Other expense, net - (11) - - (28) - Adjusted EBITA (non-GAAP) 1,3 - $766 - - $586 - Depreciation - 54 - - 49 - Share-based compensation - 52 - - 43 - Foreign exchange and other - (9) - - (3) - Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)1 - (26) - - (14) - Adjusted EBITDA attributable to Bausch Health (non-GAAP) 1,4 - $837 - - $661 - 1Q26 Segment Profit2 Reconciliation to Adjusted EBITDA1 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Segment profit is based on operating income after the elimination of intercompany transactions, including between Bausch + Lomb and other segments. Certain costs, such as Amortization of intangible assets, Goodwill impairments, Asset impairments, Restructuring, integration, separation costs, Other expense, net, and other corporate allocations are not included in the measure of segment profit, as management excludes these items in assessing segment financial performance. 3. Includes the impact of Acquired IPR&D charges of $11 million and $28 million for the three months ended March 31, 2026 and March 31, 2025, respectively. 4. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $10 million and $24 million for the three months ended March 31, 2026 and March 31, 2025, respectively. 38 Amounts in millions USD

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Slide 39 — 1Q26 Reconciliation of Reported Revenue to Organic Revenue1,2

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 1Q26 Reconciliation of Reported Revenue to Organic Revenue1,2 and Organic Revenue Growth1 Three Months Ended Change in Reported Revenue Change in Organic Revenue1 March 31, 2026 March 31, 2025 Revenue as reported Changes in Exchange Rates2 Acquisitions Organic Revenue (Non-GAAP)1 Revenue as Reported Divestitures and Discontinuations Organic Revenue (Non-GAAP)1 Amount Pct. Amount Pct. Salix $639 - - $639 $542 - $542 $97 18% $97 18% International 285 (25) - 260 262 (1) 261 23 9% (1) - Solta Medical 171 (4) (32) 135 113 - 113 58 51% 22 19% Diversified 185 - - 185 205 - 205 (20) (10%) (20) (10%) Neuroscience 113 - - 113 118 - 118 (5) (4%) (5) (4%) Dermatology 33 - - 33 46 - 46 (13) (28%) (13) (28%) Generics 18 - - 18 18 - 18 - - - - Dentistry 21 - - 21 23 - 23 (2) (9%) (2) (9%) Bausch Health (excl. B+L) $1,280 ($29) ($32) $1,219 $1,122 ($1) $1,121 $158 14% $98 9% Total Bausch + Lomb $1,244 ($42) ($1) $1,201 $1,137 ($3) $1,134 $107 9% $67 6% Vision Care 711 (25) - 686 656 (2) 654 55 8% 32 5% Surgical 228 (12) (1) 215 214 - 214 14 7% 1 - Pharmaceuticals 305 (5) - 300 267 (1) 266 38 14% 34 13% Total Bausch Health $2,524 ($71) ($33) $2,420 $2,259 ($4) $2,255 $265 12% $165 7% Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. The impact for changes in foreign currency exchange rates is determined as the difference in the current period reported Revenues at their current period currency exchange rates and the current period reported Revenues revalued using the monthly average currency exchange rates during the comparable prior period. 39 Amounts in millions USD

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Slide 40 — 1Q26 Reconciliation of Reported Cash Provided by Operating

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three Months Ended March 31, 2026 2025 Cash provided by operating activities $230 $211 Net cash impact of legacy legal matters2 158 15 Payments of transformation costs 7 4 Payments of separation costs and separation-related costs - 7 Interest payments charged against premium (44) (127) Fees paid in connection with debt refinancing 11 - Payments of Acquired IPR&D 12 $28 Adjusted cash flow from operations (non-GAAP)1 $374 $138 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Payments of legacy legal settlements, net of insurance recoveries and restitutions. 40 1Q26 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flow from Operations (Non-GAAP)1 Amounts in millions USD

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Slide 41 — 1Q26 Reconciliation of Reported Cash Provided by Operating

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three Months Ended March 31, 2026 Bausch Health Companies Inc. B+L Bausch Health (excl. B+L)3 Cash provided by operating activities $230 $32 $198 Net cash impact of legacy legal matters2 158 - 158 Payments of transformation costs 7 7 1 Interest payments charged against premium (44) - (44) Fees paid in connection with debt refinancing 11 6 5 Payments of Acquired IPR&D 12 10 1 Adjusted cash flow from operations (non-GAAP)1 $374 $55 $319 Consolidated 1. This is a non-GAAP measure. Management considers the presentation of Adjusted cash flow from operations for Bausch Health (excl. B+L) (non-GAAP) to be meaningful information and utilizes it in decision making and for compensation purposes. Adjusted cash flow from operations for Bausch Health (excl. B+L) (non-GAAP) is not intended to be representative of GAAP operating activities and Adjusted cash flow from operating activities for B+L is not intended to be representative of discontinued operations as the criteria for that accounting hasn’t been met. As such, Adjusted cash flow from operations excluding B+L (non-GAAP) as included herein may not be indicative of the results of the operations or Adjusted cash flow from operations attributable to Bausch Health (non-GAAP) in the future, or if B+L met the criteria to be treated as a discontinued operation during any of the periods presented. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Payments of legacy legal settlements, net of insurance recoveries and restitutions. 3. Amounts may not cross foot due to rounding. 41 1Q26 Reconciliation of Reported Cash Provided by Operating Activities to Adjusted Cash Flow from Operations (Non-GAAP)1 Amounts in millions USD

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Slide 42 — Trailing Twelve Months Adjusted EBITDA1

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Trailing Twelve Months Ended Mar-26 Dec-25 Sep-25 Jun-25 Mar-25 Net (Loss) Income ($1,225) $120 $321 $48 ($81) Interest expense, net 1,629 1,556 1,496 1,438 1,328 Provision for income taxes 285 247 199 233 270 Depreciation and amortization 1,198 1,208 1,225 1,241 1,252 EBITDA (non-GAAP)1 1,887 3,131 3,241 2,960 2,769 Adjustments: Goodwill impairments 1,571 145 - - - Asset impairments 8 8 24 23 28 Restructuring, integration and transformation costs 132 142 124 102 76 Acquisition-related costs and adjustments (excluding amortization of intangible assets) 41 37 13 72 95 Gain on extinguishment of debt (161) (162) (181) (178) (12) Share-based compensation 225 216 175 170 160 Separation costs and separation-related costs 3 7 13 21 23 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 74 61 45 198 211 Gain on sale of assets, net (9) (6) (6) (5) (6) Other 81 85 89 94 68 Adjusted EBITDA (non-GAAP)1,2 3,852 3,664 3,537 3,457 3,412 Adjusted EBITDA attributable to noncontrolling interest (non-GAAP)1 (135) (123) (113) (110) (109) Adjusted EBITDA attributable to Bausch Health Companies Inc. (non-GAAP)1,3 $3,717 $3,541 $3,424 $3,347 $3,303 Trailing Twelve Months Adjusted EBITDA1 Consolidated 1. This is a non-GAAP measure or non-GAAP ratio. See Slide 2 and Non-GAAP Appendix for further information on non-GAAP measures and ratios. 2. Includes the impact of Acquired IPR&D charges of $97 million, $114 million, $110 million, $44 million, and $46 million for the trailing twelve months March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively. 3. Includes the impact of Acquired IPR&D charges net of noncontrolling interest (non-GAAP) of $96 million, $110 million, $106 million, $38 million, and $40 million for the trailing twelve months March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025, and March 31, 2025, respectively. Amounts in millions USD 42

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Slide 43 — 1Q26 Reconciliation of Reported Net (Loss) Income

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. Three Months Ended March 31, 2026 Three Months Ended March 31, 2025 Bausch Health Companies Inc. B+L Bausch Health (excl. B+L) Bausch Health Companies Inc. B+L Bausch Health (excl. B+L) Net (Loss) Income ($1,431) ($70) ($1,361) ($86) ($211) $125 Interest expense, net 392 93 299 319 91 228 Provision for income taxes 77 6 71 39 31 8 Depreciation and amortization 295 101 194 305 106 199 EBITDA (non-GAAP)1 (667) 130 (797) 577 17 560 Adjustments: Goodwill impairments 1,426 - 1,426 - - - Restructuring, integration and transformation costs 19 12 7 29 27 2 Acquisition related costs and adjustments (excluding amortization of intangible assets) 16 3 13 12 14 (2) Loss on extinguishment of debt 1 1 - - - - Share-based compensation 52 34 18 43 28 15 Separation costs and separation-related costs 1 1 - 5 3 2 Other adjustments: Litigation and other matters, net of insurance recoveries and restitutions 10 7 3 (3) 1 (4) Gain on sale of assets, net (3) (3) - - - - Other 8 5 3 12 9 3 Adjusted EBITDA (non-GAAP)1,2 $863 $190 $673 $675 $99 $576 Impact of Acquired IPR&D $11 $11 - $28 $28 - Consolidated 1. This is a non-GAAP measure. Management considers the presentation of Adjusted EBITDA for Bausch Health (excl. B+L) (non-GAAP) to be meaningful information and utilizes it in decision making and for compensation purposes. Adjusted EBITDA for Bausch Health Excluding B+L (non-GAAP) is not intended to be representative of GAAP continuing operations and Adjusted EBITDA for B+L is not intended to be representative of discontinued operations as the criteria for that accounting has not been met. As such, Adjusted EBITDA excluding B+L (non-GAAP) as included herein may not be indicative of the results of the operations or Adjusted EBITDA attributable to Bausch Health (non-GAAP) in the future, or if B+L met the criteria to be treated as a discontinued operation during any of the periods presented. See Slide 2 and Non-GAAP Appendix for further information on this and other non-GAAP measures and ratios. 2. Adjusted EBITDA (non-GAAP) above includes Adjusted EBITDA attributable to noncontrolling interests. For Bausch Health Companies Inc., this amounted to $26 million and $14 million for the three months ended March 31, 2026 and 2025, respectively, which includes $1 million related to B+L in each period. 43 1Q26 Reconciliation of Reported Net (Loss) Income to Adjusted EBITDA1 Amounts in millions USD

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Slide 44 — Non-GAAP Appendix

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 44 Non-GAAP Appendix Description of Non-GAAP Financial Measures To supplement the financial measures prepared in accordance with U.S. GAAP, the Company uses certain non-GAAP financial measures and non-GAAP ratios. These measures and ratios do not have any standardized meaning under GAAP and other companies may use similarly titled non-GAAP financial measures and ratios that are calculated differently from the way we calculate such measures and ratios . Accordingly, our non-GAAP financial measures and ratios may not be comparable to such similarly titled non-GAAP financial measures and ratios used by other companies. We caution investors not to place undue reliance on such non-GAAP measures, but instead to consider them with the most directly comparable GAAP measures and ratios. Non-GAAP financial measures and ratios have limitations as analytical tools and should not be considered in isolation. They should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Commencing in the third quarter of 2025, the Company now includes payments of Acquired IPR&D in the calculation of Adjusted Cash Flow from Operations (non-GAAP). Prior-period amounts presented herein have been restated to conform to the current year’s presentation. EBITDA, Adjusted EBITDA and Adjusted EBITDA Attributable to Bausch Health EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization. Adjusted EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (Benefit from) provision for income taxes, depreciation and amortization and certain other items described below. Adjusted EBITDA attributable to Bausch Health (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude the Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) as defined below. Management believes that Adjusted EBITDA (non-GAAP) and Adjusted EBITDA attributable to Bausch Health (non-GAAP), along with the GAAP measures used by management, most appropriately reflect how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes that these metrics focus management on the Company's underlying operational results and business performance. As a result, the Company uses these metrics to assess the financial performance of the Company and to forecast future results as part of its guidance. Management believes these metrics are a useful measure to evaluate current performance. These metrics are intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors. In addition, cash bonuses for the Company's executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) targets. Adjusted EBITDA (non-GAAP) is Net income (loss) (its most directly comparable GAAP financial measure) adjusted for interest, income taxes, depreciation and amortization and the following items: • Restructuring, integration and transformation costs: The Company has incurred restructuring costs as it implemented certain strategies, which involved, among other things, improvements to its infrastructure and operations, internal reorganizations and impacts from the divestiture of assets and businesses. With regard to infrastructure and operational improvements which the Company has taken to improve efficiencies in the businesses and facilities, these tend to be costs intended to right size the business or organization that fluctuate significantly between periods in amount, size and timing, depending on the improvement project, reorganization or transaction. Additionally, the Company is launching certain transformation initiatives that will result in certain changes to and investment in its organizational structure and operations. These transformation initiatives arise outside of the ordinary course of continuing operations and, as is the case with the Company’s restructuring efforts, costs associated with these transformation initiatives are expected to fluctuate between periods in amount, size, and timing. These out-of-the-ordinary-course charges include third-party advisory costs, as well as certain severance-related costs. Investors should understand that the outcome of these transformation initiatives may result in future restructuring actions and certain of these charges could recur. The Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company's operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors. • Asset impairments: The Company has excluded the impact of impairments of finite-lived and indefinite-lived intangible assets, as well as impairments of assets held for sale, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions and divestitures. The Company believes that the adjustments of these items correlate with the sustainability of the Company’s operating performance. Although the Company excludes impairments of intangible assets and assets held for sale from measuring the performance of the Company and the business, the Company believes that it is important for investors to understand that intangible assets contribute to revenue generation. • Goodwill impairments: The Company excludes the impact of goodwill impairments. When the Company has made acquisitions where the consideration paid was in excess of the fair value of the net assets acquired, the remaining purchase price is recorded as goodwill. For assets that we developed ourselves, no goodwill is recorded. Goodwill is not amortized but is tested for impairment. The amount of goodwill impairment is measured as the excess of a reporting unit’s carrying value over its fair value. Management excludes these charges in measuring the performance of the Company and the business. • Share-based compensation: The Company has excluded costs relating to share-based compensation. The Company believes that the exclusion of share-based compensation expense assists investors in the comparisons of operating results to peer companies. Share-based compensation expense can vary significantly based on the timing, size and nature of awards granted. • Acquisition-related costs and adjustments (excluding amortization of intangible assets): The Company has excluded the impact of acquisition-related costs and fair value inventory step-up resulting from acquisitions as the amounts and frequency of such costs and adjustments are not consistent and are significantly impacted by the timing and size of its acquisitions. In addition, the Company excludes acquisition-related contingent consideration non-cash adjustments due to the inherent uncertainty and volatility associated with such amounts based on changes in assumptions with respect to fair value estimates, and the amount and frequency of such adjustments are not consistent and are significantly impacted by the timing and size of the Company's acquisitions, as well as the nature of the agreed-upon consideration. • Gain (loss) on extinguishment of debt: The Company has excluded gain (loss) on extinguishment of debt as this represents a gain or loss from refinancing our existing debt and is not a reflection of our operations for the period. Further, the amount and frequency of such amounts are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market out of management’s control.

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Slide 45 — Non-GAAP Appendix

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 45 Non-GAAP Appendix • Separation costs and separation-related costs: The Company has excluded certain costs incurred in connection with activities regarding the separation of the eye-health business. Separation costs are incremental costs directly related to effectuating the separation of the eye-health business and include, but are not limited to, legal, audit and advisory fees. Separation-related costs are incremental costs indirectly related to the separation of the eye-health business and include, but are not limited to rebranding costs and costs associated with facility relocation and/or modification. As these costs arise from events outside of the ordinary course of continuing operations, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company’s operating performance, allow for a comparison of the financial results to historical operations and forward-looking guidance and, as a result, provide useful supplemental information to investors. • Other adjustments: The Company has excluded certain other amounts, including legal and other professional fees incurred in connection with legal and governmental proceedings, investigations and information requests regarding certain of our legacy distribution, marketing, pricing, disclosure and accounting practices, litigation and other matters, and net (gain) loss on sale of assets or other disposition of assets. Given the unique nature of the matters relating to these costs, the Company believes these items are not normal operating expenses. For example, legal settlements and judgments vary significantly, in their nature, size and frequency, and, due to this volatility, the Company believes the costs associated with legal settlements and judgments are not normal operating expenses. In addition, as opposed to more ordinary course matters, the Company considers that each of the recent proceedings, investigations and information requests, given their nature and frequency, are outside of the ordinary course and relate to unique circumstances. The Company has also excluded IT infrastructure investments that are the result of other, non- comparable events to measure operating performance. These events arise outside of the ordinary course of continuing operations. The Company has also excluded certain other costs, including professional fees associated with contemplated, but not completed, strategic transactions. The Company excluded these costs as the consideration of such matters are outside of the ordinary course of continuing operations and are infrequent in nature. The Company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors. However, investors should understand that many of these costs could recur and that companies in our industry often face litigation. Adjusted EBITDA attributable to Bausch Health (non-GAAP) is Adjusted EBITDA (non-GAAP) further adjusted to exclude the Adjusted EBITDA attributable to noncontrolling interest (non-GAAP). Adjusted EBITDA attributable to noncontrolling interest (non-GAAP) is Net income attributable to noncontrolling interest (its most directly comparable GAAP financial measure) adjusted for the portion of the adjustments described above attributable to noncontrolling interest. Adjusted Net Income and Adjusted Net Income attributable to Bausch Health Adjusted net income (non-GAAP) is Net income (its most directly comparable GAAP financial measure), adjusted for asset impairments, goodwill impairments, restructuring, integration and transformation costs, acquisition-related costs and adjustments (excluding amortization of intangible assets), gain (loss) on extinguishment of debt, separation costs and separation-related costs and other non-GAAP adjustments as these adjustments are described above, and amortization of intangible assets and write down of financing fees, as described below: • Amortization of intangible assets: The Company has excluded the impact of amortization of intangible assets, as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. The Company believes that the adjustments of these items correlate with the sustainability of the Company's operating performance. Although the Company excludes the amortization of intangible assets from its non-GAAP expenses, the Company believes that it is important for investors to understand that such intangible assets contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets. • Write down of financing fees: In addition to excluding Gain on extinguishment of debt, the Company has excluded the impact of the write down of financing fees from Adjusted net income (non-GAAP). The amount and frequency of such amounts are not consistent and are significantly impacted by the timing and size of debt financing transactions and other factors in the debt market out of management’s control. In addition, the Company excluded these costs as they are outside of the ordinary course of continuing operations and are infrequent in nature. The Company believes that the exclusion of such out-of-the-ordinary-course amounts provides supplemental information to assist in the comparison of the financial results of the Company from period to period and, therefore, provides useful supplemental information to investors. Adjusted net income attributable to Bausch Health (non-GAAP) is Adjusted net income (non-GAAP) further adjusted to exclude the Adjusted net income attributable to noncontrolling interest (non-GAAP). Adjusted net income attributable to noncontrolling interest (non-GAAP) is Net income attributable to noncontrolling interest (its most directly comparable GAAP financial measure) adjusted for the portion of the adjustments described above attributable to noncontrolling interest.

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Slide 46 — Non-GAAP Appendix

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 46 Historically, management has used Adjusted net income (loss) (non-GAAP) for strategic decision making, forecasting future results and evaluating current performance. This non-GAAP measure excludes the impact of certain items (as described above) that may obscure trends in the Company's underlying performance. By disclosing this non-GAAP measure, it is management's intention to provide investors with a meaningful, supplemental comparison of the Company's operating results and trends for the periods presented. Management believes that this measure is also useful to investors as such measure allows investors to evaluate the Company's performance using the same tools that management uses to evaluate past performance and prospects for future performance. Accordingly, the Company believes that Adjusted net income (non- GAAP) is useful to investors in their assessment of the Company's operating performance. It is also noted that, in recent periods, our GAAP Net income (loss) was significantly lower than our Adjusted net income (non-GAAP). Organic Growth/Change and Organic Revenue Organic revenue and Change in organic revenue (non-GAAP), are defined as GAAP Revenue and change in GAAP Revenue (the most directly comparable GAAP financial measures), adjusted for changes in foreign currency exchange rates (if applicable) and excluding the impact of recent acquisitions, divestitures and discontinuations, as defined below. Organic revenue (non-GAAP) is impacted by changes in product volumes and price. The price component is made up of two key drivers: (i) changes in product gross selling price and (ii) changes in sales deductions. The Company uses organic revenue (non-GAAP) and change in organic revenue (non-GAAP) to assess performance of its reportable segments and the Company in total. The Company believes that providing these non-GAAP measures is useful to investors as they provide a supplemental period-to-period comparison. The adjustments to GAAP Revenue to determine Organic Revenue (non-GAAP) and Change in Organic Revenue (non-GAAP) are as follows: • Foreign currency exchange rates: Although changes in foreign currency exchange rates are part of our business, they are not within management's control. Changes in foreign currency exchange rates, however, can mask positive or negative trends in the business. The impact of changes in foreign currency exchange rates is determined as the difference in the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period. • Acquisitions, divestitures and discontinuations: In order to present period-over-period organic revenue (non-GAAP) growth/change on a comparable basis, revenues associated with acquisitions, divestitures and discontinuations are adjusted to include only revenues from those businesses and assets owned during both periods. Accordingly, organic revenue and change in organic revenue exclude from the current period, revenues attributable to each acquisition for twelve months subsequent to the day of acquisition, as there are no revenues from those businesses and assets included in the comparable prior period. Organic revenue and change in organic revenue exclude from the prior period, all revenues attributable to each divestiture and discontinuance during the twelve months prior to the day of divestiture or discontinuance, as there are no revenues from those businesses and assets included in the comparable current period. Non-GAAP Appendix Adjusted EBITA and Adjusted EBITA Margin Adjusted EBITA represents Operating income (loss) (its most directly comparable GAAP financial measure) adjusted to exclude amortization, fair value adjustments to inventory in connection with business combinations and integration related inventory charges and technology transfer costs, restructuring and integration costs, asset impairments, goodwill impairments, acquisition related costs, separation costs, separation-related costs and certain other non-GAAP charges as discussed under “Other Non-GAAP charges” above. Adjusted EBITA Margin (non-GAAP) is Adjusted EBITA (non-GAAP) divided by Revenues. The most directly comparable GAAP financial measure is operating income margin, which is Operating income (loss) divided by Revenues. On a segment basis, Adjusted EBITA represents Segment profit (its most directly comparable GAAP financial measure) adjusted to exclude the items above, as applicable. Management believes that Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP), along with the GAAP measures used by management, appropriately reflect how the Company measures the business internally and sets operational goals for each of its businesses. In particular, the Company believes that Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP) focuses management on the Company’s underlying operational results and segment performance. As a result, the Company uses Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non- GAAP) to assess the actual financial performance of each segment and to forecast future results as part of its guidance. The Company believes that Adjusted EBITA (non-GAAP) and Adjusted EBITA Margin (non-GAAP) are useful to investors as they provide consistency and comparability with our past financial performance and facilitates period-to-period comparisons of the Company’s profitability and the profitability of our segments as they eliminate the effects of certain cash and non-cash charges, which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Constant Currency Changes in the relative values of non-U.S. currencies to the U.S. dollar may affect the Company’s financial results and financial position. To assist investors in evaluating the Company’s performance, we have adjusted for the effects of changes in foreign currencies. The impact of changes in foreign currency exchange rates is determined by comparing the current period reported revenues at their current period currency exchange rates and the current period reported revenues revalued using the monthly average currency exchange rates during the comparable prior period.

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Slide 47 — Non-GAAP Appendix

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 47 Non-GAAP Appendix Adjusted Gross Profit and Adjusted Gross Margin Adjusted gross profit (non-GAAP) represents gross profit (its most directly comparable GAAP financial measure) adjusted for Other revenues, Cost of other revenues, Amortization of intangible assets and fair value adjustments to inventory in connection with business combinations. In accordance with GAAP, Gross profit represents total revenues less Costs of goods sold (excluding amortization of intangible assets) less Cost of other revenues less Amortization of intangible assets. Adjusted gross margin (non-GAAP) (the most directly comparable GAAP financial measure for which is gross margin) represents Adjusted gross profit (non-GAAP) divided by Product revenues. Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) are measures used by management to understand and evaluate each segment’s pricing strategy, strength of product portfolio, ability to control product costs and the success of its go-to-market strategies. Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) facilitates period-to-period comparisons of each segment’s ability to generate cash flow from sales, as these measures eliminate the effects of amortization of intangible assets and fair value adjustments to inventory in connection with business combinations, which are non-cash charges. The Company believes that Adjusted gross profit (non-GAAP) and Adjusted gross margin (non-GAAP) are useful to investors as they provide consistency and comparability with our past financial performance and facilitate period-to-period comparisons of each segment’s ability to generate incremental cash flow from its revenues as these measures eliminate the effects of amortization of intangible assets and fair value adjustments to inventory in connection with business combinations, which are non-cash charges that can be impacted by, among other things, the timing and magnitude of acquisitions, which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Adjusted SG&A Expenses and Adjusted G&A Expenses Adjusted SG&A expenses (non-GAAP) represents selling, general and administrative expenses (“SG&A expenses”) (its most directly comparable GAAP financial measure) and Adjusted G&A expenses (non-GAAP) represents general and administrative expenses (“G&A expenses”) (its most directly comparable GAAP financial measure), each adjusted to exclude separation-related costs and certain costs primarily related to legal and other professional fees relating to legal and governmental proceedings, investigations and information requests respecting certain of our distribution, marketing, pricing, disclosure and accounting practices and separation-related costs. See the discussion under “Other Non-GAAP charges” above. Management uses Adjusted SG&A expenses (non-GAAP) and Adjusted G&A (non-GAAP), along with GAAP measures, as a supplemental measure for period-to-period comparison to understand and evaluate each segment’s ability to control costs and direct additional cash investments in each business. The Company believes that Adjusted SG&A (non-GAAP) and Adjusted G&A (non-GAAP) are useful to investors as they provide consistency and comparability with our past financial performance and facilitates period-to-period comparisons of our SG&A expenses, G&A expenses and operations, as these measures eliminate the effects of separation-related costs and legal and other professional fees which given their nature and frequency, are outside the ordinary course and relate to unique circumstances. Total Adjusted Operating Expenses Total Adjusted Operating Expenses (non-GAAP) represents operating expenses (its most directly comparable GAAP financial measure) adjusted to exclude restructuring and integration costs, asset impairments, including loss on assets held for sale, goodwill impairments, acquisition related costs and adjustments excluding amortization of intangible assets, separation costs, separation-related costs and certain other non-GAAP charges as discussed under “Other Non- GAAP charges” above. Management believes that Total Adjusted Operating Expenses (non-GAAP), along with the GAAP and non-GAAP measures used by management, provide a supplemental measure for period-to-period comparison to understand and evaluate its ability manage and control its costs, assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes that Total Adjusted Operating Expenses (non-GAAP) is a useful measure to evaluate current performance amounts. The Company believes that Total Adjusted Operating Expenses (non-GAAP) is useful to investors as it provides consistency and comparability with our past financial performance and facilitates period-to-period comparisons of our operating expenses as Total Adjusted Operating Expenses eliminates the effects of certain cash and non-cash charges, which given their nature and frequency, are outside the ordinary course and relate to unique circumstances which are substantially outside of management’s control.

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Slide 48 — Non-GAAP Appendix

©2026 Bausch Health Companies Inc. and/or one of its affiliates. ©2026 Bausch Health Companies Inc. and/or one of its affiliates. 48 Non-GAAP Appendix Adjusted Tax Rate Adjusted Tax Rate (the most directly comparable financial measure for which is our GAAP tax rate) includes the tax impact of the various non-GAAP adjustments used in calculating our non-GAAP measures. However, due to the differences in the tax treatment of items excluded from non-GAAP earnings, our adjusted tax rate will differ from our GAAP tax rate and from our actual tax liabilities. Adjusted Cash Flow from Operations Adjusted cash flow from operations (non-GAAP) is Cash generated from operations (its most directly comparable GAAP financial measure) adjusted for: (i) payments of legacy legal settlements, net of insurance recoveries and restitutions, (ii) payments of transformation costs, (iii) payments for separation costs and separation-related costs, (iv) interest payments charged against premium, (v) fees paid in connection with the debt refinancing transactions and (vi) payments of acquired IPR&D. As these payments arise from events outside of the ordinary course of continuing operations as discussed above, the Company believes that the adjustments of these items provide supplemental information with regard to the sustainability of the Company’s cash from operations, allow for a comparison of the financial results to historical operations and forward- looking guidance and, as a result, provide useful supplemental information to investors. Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) is Adjusted EBITDA (non-GAAP) adjusted to remove Adjusted EBITDA attributable to Bausch + Lomb (non-GAAP). Adjusted EBITDA attributable to Bausch + Lomb (non-GAAP) is Income (loss) before income taxes of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company’s interest expense, depreciation, amortization and other adjustments as described above, allocated or attributable to Bausch + Lomb. Adjusted EBITDA excluding Bausch + Lomb is not intended to be, and may not be, representative of income from continuing operations (for Bausch Health excluding Bausch + Lomb) or from discontinued operations (for Bausch + Lomb) in accordance with GAAP, as: (i) the criteria for that accounting has not been met and (ii) certain cost allocations to Bausch Health excluding Bausch + Lomb and Bausch + Lomb are not in accordance with the criteria for that accounting. As such, Adjusted EBITDA excluding Bausch + Lomb (non-GAAP) as included herein may not be indicative of the results of the operations or Adjusted EBITDA attributable to Bausch Health (non-GAAP) in the future, or if Bausch + Lomb met the criteria to be treated as a discontinued operation during any of the periods presented. Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP) Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP) is Adjusted Cash Flow from Operations (non- GAAP) adjusted to remove Adjusted Cash Flow from Operations attributable to Bausch + Lomb (non-GAAP). Adjusted Cash Flow from Operations attributable to Bausch + Lomb (non-GAAP) is Cash Flow from Operations of our Bausch + Lomb segment (its most directly comparable GAAP financial measure) adjusted for the portion of the Company’s payment of separation costs, separation-related costs and other adjustments as described above, allocated or attributable to Bausch + Lomb. Adjusted Cash Flow from Operations excluding Bausch + Lomb is not intended to be, and may not be, representative of Cash Flow from Operations (for Bausch Health excluding Bausch + Lomb) or from discontinued operations (for Bausch + Lomb) in accordance with GAAP, as: (i) the criteria for that accounting has not been met and (ii) certain cost allocations to BHC excluding Bausch + Lomb and Bausch + Lomb are not in accordance with the criteria for that accounting. As such, Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP) as included herein may not be indicative of the cash flow or Adjusted Cash Flow from Operations attributable to Bausch Health (non- GAAP) in the future, or if Bausch + Lomb met the criteria to be treated as a discontinued operation during any of the periods presented. Management believes that Adjusted EBITDA excluding Bausch + Lomb (non-GAAP), Adjusted Cash Flow from Operations, and Adjusted Cash Flow from Operations excluding Bausch + Lomb (non-GAAP), along with the GAAP and other non-GAAP measures used by management, most appropriately reflects how the Company measures the business internally and sets operational goals and incentives. In particular, the Company believes that these metrics focus management on the Company's underlying operational results and business performance. As a result, the Company uses these metrics to assess the actual financial performance of the Company and to forecast future results as part of its guidance. Management believes these metrics are a useful measure to evaluate current performance. These metrics are intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors. In addition, cash bonuses for the Company's executive officers and other key employees are based, in part, on the achievement of certain Adjusted EBITDA (non-GAAP) and Adjusted Cash Flow (non-GAAP) targets.

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